Ethereum and Tezos connected via blockchain bridge

Wrapped Ethereum is now available on Tezos.The cryptocurrency space just became a little bit more interconnected after developers created a cross-chain bridge between the Ethereum and Tezos blockchains. Following the launch of the Wrap Protocol, created by Bender Labs, Ethereum-based ERC-20 and ERC-721 tokens can be made Tezos-compatible, allowing Ether (ETH) holders to interact with the Tezos ecosystem.

Recent Tezos blockchain stats show transactions worth over $1 million being sent for between $0.01 and $0.15, suggesting a possible immediate use-case for the Wrap Protocol. It faces competition from layer-two protocols already fulfilling this use case for Ethereum users. Tezos CEO Hugo Renaudin said code-based blockchain infrastructure was more favorable to legacy financial systems due to its transparency and immutability .

“We’re building Bender: a self-driving bank for an open financial system because we believe that financial markets should be open, transparent, unstoppable and rely mostly on lines of codes rather than intermediaries,” said Renaudin.

Reference :

https://cointelegraph.com/news/ethereum-and-tezos-connected-via-blockchain-bridge

Hits: 12

Author: Priyanka

Leave a Reply

Your email address will not be published. Required fields are marked *